Gcb Market Rebounds End Year 132 Bil Sales Value
The GCB market has shown remarkable growth in 2025, surpassing 2023 figures, according to Han Huan Mei, director of research at List Sotheby’s International Realty.
As of December 20, 22 GCB transactions worth $612.05 million were recorded, with an estimated additional 13 deals valued at over $700 million that were completed without caveats being lodged. This brings the total estimated value for 2024 to 35 transactions worth $1.32 billion, surpassing the previous record of $1.186 billion in 2022.
Compared to the 18 GCB deals worth $432.5 million in 2023, this year’s figures demonstrate a significant increase in buying activity. Han states that these additional deals not captured in official transaction data highlight the active nature of the GCB market and reinforces its status as a highly coveted asset for ultra-high-net-worth individuals.
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Topping the list of GCB transactions is the sale of a property at Tanglin Hill for $93.888 million, setting a new record land rate of $6,197 psf. This was followed by a $84 million purchase at Bin Tong Park, reportedly bought by the daughter of Chinese billionaire Xiang Guangda.
District 10, including Tanglin, Bukit Timah, and Holland Road, remains the most sought-after area for GCB properties, with 16 of the recorded deals taking place there. The sustained buying activity throughout the year, particularly from July onwards, is indicative of the continued interest in these prestigious properties despite external economic factors.
According to Steve Tay of Tay & Partners, a boutique luxury agency, the Fed’s trajectory of signalling interest rate cuts, rather than the actual cuts themselves, has been a primary driver of increased buying sentiment in the GCB market.
A new generation of ultra-wealthy Singaporeans, including young entrepreneurs from various industries, has emerged as prominent buyers in the GCB market. This, combined with the preference for privacy among GCB buyers and sellers, may result in continued off-market transactions, making it challenging to track market activity. The GCB market is expected to maintain its positive momentum in the coming years, driven by demand from ultra-high-net-worth individuals.
